CMHC Purchase Plus Improvements Program - Fund the cost of renovations with less than 20% down.
If you need to renovate a home you want to buy, and have less than a 20% down payment, Genworth’s 'Purchase Plus Improvements Program is an excellent way to own the house you LOVE while obtaining the funds to cover the cost of your anticipated renovations.
If you are a first-time home buyer with a smaller down payment then this is an excellent way of buying a home that is affordable while simultaneously increasing its value relatively quickly.
With Genworth Canada's Purchase Plus Improvements Program offered through Mortgage Edge, the doors to home ownership are now open. What's not to love about a program that allows you to renovate immediately after taking possession while enjoying the convenience of one low monthly manageable mortgage payment in the process?
The Purchase Plus Improvement program also allows borrowers to still obtain the maximum loan amount they can with the most competitive interest rate.
Here's the process:
If you'd like to know more about this program, contact us today and we would be happy to share how the process works with you by discussing our mortgage lenders who currently offer this product.
If you are a first-time home buyer with a smaller down payment then this is an excellent way of buying a home that is affordable while simultaneously increasing its value relatively quickly.
With Genworth Canada's Purchase Plus Improvements Program offered through Mortgage Edge, the doors to home ownership are now open. What's not to love about a program that allows you to renovate immediately after taking possession while enjoying the convenience of one low monthly manageable mortgage payment in the process?
The Purchase Plus Improvement program also allows borrowers to still obtain the maximum loan amount they can with the most competitive interest rate.
Here's the process:
- You must know the costs of renovations that will have to be done by getting official quotes.
- When we obtain the mortgage approval on your behalf, the purchase price will be 'as is'. The quotes you obtain for the work will be added on to the mortgage.
- The mortgage will then be approved based on the original purchase price plus the cost of renovations.
- Once your purchase closes, you will have 90-120 days to complete the renovations. The mortgage amount allocated for the renovations will be held in your lawyer's trust account.
- Once the renovations, alterations have been completed, we will send an appraiser to confirm the work has been completed.
- One confirmed, the lender will instruct your lawyer to release the funds to you.
If you'd like to know more about this program, contact us today and we would be happy to share how the process works with you by discussing our mortgage lenders who currently offer this product.
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